William Erbey, Chief Executive Officer (CEO) of Ocwen, is having a rough go of it with Benjamin Lawsky, the New York Banking Czar. When it became apparent that Erbey wasn’t going to bow down to the Cuomo lapdog, Lawsky went for the jugular and brought the Securities and Exchange Commission (SEC). Back in June, 2014, SEC issued some two bit subpoenas; however, Ocwen’s 10-Q wasn’t exactly all that startling by way of comparison of those whom bribe — ahem, meet with — SEC Officials and are employed by the financial institutions. It is all a shakedown as I opined upon; however, Erbey just can’t seem to get his proverbial dick unstuck from the zipper and most of us know that feeling. 😉
So, while Erbey is figuring out precisely how expensive the paperwork parade is, his pal William Shepro, Chief Executive Officer (CEO) over at Altisource is having his feet laid to the coals by the Consumer Financial Protection Bureau (CFPB). With the CFPB Complaints beginning to rocket off the charts, Shepro has got to be wondering whether or not the two could eventually become symbiotic. In this I mean The Talking Bills have surely had a drink or two and contemplated whether or not Lawsky and SEC might lean on CFPB to ask the questions they cannot.
Let me elaborate just a bit in the way that only a trained media professional like myself is capable of doing. Let’s say you are a federal investigator and you believe that a house has evidence which you need; however, you have neither the time or patience or perhaps both to obtain a legal warrant. What do you do? Well, you call the Game Warden and have him kick the doors off the hinges to investigate poaching. Oh, don’t act all surprised. This is the real world; this is the world I deal with daily in the Mortgage Field Services Industry. Yeah, so The Talking Bills have to be wondering whether or not that smoke alarm blinked just a few too many times, ‘eh?! They know what that means and will have the sweepers check it tomorrow when I go to print.
So, I got to asking myself why is it precisely that Altisource is allowing Pat McTaggart to drag her stiletto high heels on the promises Altisource made to the Buczek Six? I mean why is it exactly that McTaggart is attempting to force Contractors — owed in just the Buczek Six over a hundred thousand dollars — to load each and every photo and email them along with all the notes to her PERSONAL ALTISOURCE EMAIL?! Oh, Pat, let’s not play coy. You knew; your bosses knew — EVERY FUCKING BODY KNEW — that it was a stall tactic to buy the Buczek’s time to sell their Derby New York Facility and then pocket the money and run! It is closing soon as we understand things. While we have no idea whom the seller is, the Buczek Source we have is extremely motivated to ensure that our information is primo.
Most folks don’t remember the Bernie Madoff fiasco. 36,000+ victims. 6 years later not a dime has gone to anyone other than the rich whom didn’t need the fucking cash. G-d bless Irving Picard and the Securities Investor Protection Act (SIPA). The Industry is somewhat like that. The difference is that Eric Holder cannot quash CFPB Civil Investigative Demands (CID) like he did when a federal regulator issued subpoena to JPMorgan pertaining to JPMorgan’s knowledge vis-a-vis the Madoff fiasco. Nor would he want to. Why, you might ask? Well, as we gear up for the next political circus; the pretend event wherein the Dynasties change — you think you vote, but the Electoral College does — and we inaugurate your next Emperoress Hillary Clinton, we need a Pound of Flesh for the Masses. Yeah, Shepro’s feet are proverbially beginning to give that sickly smell I remember in the abstract when the JP4 hits human flesh in the DMZ. I digress.
So, here is where I go way out on a limb — I have been here before and do not like it. Altisource has the ability to quietly clean up their mess. Make no mistake all of this is their fucking mess as they should have been performing Due Diligence. Hell, their support; the On Their Knees Mouth Open Wide, of Jay Goscinski is the epitome of why Shepro ought just clean house and get some real people on board!
So, I ask Alitsource if perhaps they might want to engage in some productive dialogue. Make no mistake about it, I personally could give two shits. The Contractors aren’t paid as it stands now, so pushing the CFPB Agenda strikes me as en vogue, right now. In all due candor, I have had several requests to actively engage upon assisting folks with the filing of their Complaints. While many may be offended by my opinionated rhetoric, I clean up nicely for the legalese. Those important understand the veracity of the last two sentences.
You know what I would rather be doing? I would rather be discussing the fact that good firms like Altisource realized not just the error of their ways, but meaningfully participated in the creation of a Code of Ethics upon which neither US Government Regulators or ambulance chasers would have a snowball’s chance in hell of litigating against. I would rather be spending my time writing about important issues like what Regulatory Changes Contractors need to educate themselves upon.
The sad reality is that I am not even cautiously optimistic that Altisource let alone the National Association of Mortgage Field Services (NAMFS) Regime have any intentions whatsoever of cleaning up their act. Oh, I might be wrong. Maybe I will wake up after finishing my writings upon #OpFerguson on my other websites and read an email to the contrary. I tried the olive branch with Eric Miller, the NAMFS Regime Executive Director and we saw Miller’s position when confronted with the Mold Reports Goscinski’s Company hocked. Miller reversed his position with respect to Cheap Suit Jay; Miller whom stated to other fellow NAMFS Regime Members that Jay was gone if there was any credible documentation of unethical behavior. What a fucking crock of shit.
If there is no perestroika to be had, I have every intention of assisting my Pennsylvania colleague in their literary endeavors. It furthers the Foreclosurepedia No Contractor Left Behind Mission. It will be detailed in every aspect of the horrific atrocities which were committed by Heather Berghorst, the disgraced and former NAMFS Regime Secretary. It will detail the fact that Berghorst has filed a SECOND Bankruptcy and that both NAMFS and Altisource were bound by Regulation Z to have performed Due Diligence upon her and both failed to do such. It will detail the sordid fact that even after Berghorst Enterprises was shut down, Altisource reengaged her under a Company THAT DID NOT EVEN LEGALLY EXIST! It will detail the precise and well documented time lines of when the Buczek’s, Berghorst’s and Altisource knew there were issues predating October, 2013. It will detail that the problems went all the way to the top and no one, to date, has done jack shit other than buy time for both of these fraudster families.
In closing, the CFPB Complaint is public information if the filer releases it. I have every intention of providing courtesy copies of these Complaints — because there are nine more coming down the pike in the first set — to all interested. So, while everyone out there is being all sanctimonious I ask you who the fuck is standing up for the Contractors whom were ruined? I sleep well at night; I sleep well knowing that Altisource will either grow a pair and force the Buczek’s to take some of their Liberty Coins they so love from the sale of their building and pay the Contractors the money they owe or Federal Regulators are going to gather round. I mean I can see it now: Feds crawling all around piling papers up on carts and screaming like drunken sailors. Hell, they will descend upon Atlanta like a Great Plague of locusts in Biblical Proportions and leave nothing. Shareholders and investors? Shit, they will be cashing out like a run on the bank during the Great Depression! Hell, the Dark Pools won’t even be able to keep up with the Sell Options as they hurdle down the T1 Conduits.
So, the chips are all in. The reality is that there is no bluffing on this hand. No stall tactics. It is ridiculous, really. Why on Earth Altisource is doing everything in their power to protect the Berghorsts and the Buczeks; why Altisource is continuing to be involved with yet another train wreck in Cheap Suit Jay, I will never know. What I do know is that change is a painful experience. Altisource has an addiction and it needs to change the people whom have been its suppliers.
No, I believe that Altisource will see the wisdom in picking up the phone. I believe that the first good move they could make is to remove Pat McTaggart from her interaction with these abused victims. I mean her behavior has been beyond reprehensible. In my opinion, her interactions with Contractors would have made a rapist questioning his victim on the stand in trial blush. Altisource needs a fresh set of eyes on this mess. In retrospect, I believe that the last set of eyes they want are those of Federal Regulators.
